Saturday, November 1, 2014

Angola brings oil firm Sonangol into local BES bank

LISBON

Reuters - Thu Oct 30, 2014

Angola's central bank has brought in state oil company Sonangol as a shareholder in the rescue of the BES Angola (BESA) bank, despite the objections of BESA's former parent, Portugal's bailed-out lender Banco Espirito Santo (BES).  National Bank of Angola said in a statement the move, which included renaming BES Angola as Banco Economico, was approved on Wednesday by the shareholders of BESA, and that BES's working successor Novo Banco would get a 9.9 percent stake as previously announced.  The central bank did not say what stake Sonangol will have in Banco Economico nor indicate the size of the bank. Some Portuguese media reports said the oil company would hold 35 percent.

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